Fix Credit Report – Repair Boost Score Ratings

trharvey36 asked:


I have printed my credit reports from the 3 credit agencies. There are many old medical bills showing on it. They range from $13 – $350. They are all from the same collection agency as they are all from the same creditor. After reading about debt validation – I am confused. #1 – Should I send a debt validation letter for each of these accounts, even though they were placed on my credit report in 2007? #2 – Should I do a pay and delete for the accounts under $100? #3 – What will it look like on my credit if I dispute the accounts with the credit reporting agencies and they do turn out to be valid? Will that look like I am trying to fraudulently dispute something? #4 – On my Experian report my name is misspelled 3 times, has the wrong middle initial 1 time, has my daughter’s Social Security number under “social security number variations” (she is 12 yrs old), and has 5 addresses that I never lived at – should I send a letter to Experian to correct these? I know these are some very detailed questions and that everyone’s situation is different. I live in Texas. Any help and clarification would be greatly appreciated.

Leon

Mike Singh asked:




Nowadays, virtually no prospective creditor will grant your request for credit without looking at your all-important credit score. Well, you cannot really blame them as credits and loans require that a certain degree of risk be assumed by the creditors and lenders, of which the credit report is an important tool to analyze said risk.

On your part, the best thing you can do is to boost your credit score as positively and as quickly as possible. The following ways are just some of the methods to do so.

Delete Errors within 48 Hours

You can actually increase your credit score and, hence, secure more favorable loan terms when you request for a Rapid Rescore from your loan officer. You will, of course, need documentary proof of your request for updating of your credit score, which will cost you around $50 although it must be emphasized that results are not at all guaranteed.

Needless to say, your request for Rapid Rescore is based on negative inaccuracies found in your credit report. Any and all accurate information stays on your credit report, be it of the positive or the negative kind.

Delete Negative Credit

Don’t fall for credit repair clinics that promise to clean your credit report, maybe even generate a new one for you. Actually, you can do the cleaning of inaccurate information from your credit report.

Just gather the documents used for your Rapid Rescore, attach copies of them to a dispute letter addressed to the credit reporting agencies of Experian, Equifax and TransUnion and wait for the results. Your dispute letter should clearly state your full name and address, the items you want to dispute and your explanations for them, and a request for correction/deletion of the items.

Ride on Someone Else’s Credit

This is probably the fastest credit booster although it does require a great deal of trust between two persons. Let’s say you are applying for a credit card, which you have had difficulty in securing from the banks because of your poor credit score. Well, you find a person with good credit rating who willingly gives consent to add you as a supplementary cardholder on their credit card.

As a result, the favorable credit history of that person will also be reflected on your credit report and voila! You have a better credit rating.

Of course, the process works both ways as your bad spending habits will also reflect on the other person. Thus, you had better prepare your persuasive skills in order to get the nod of approval you have been waiting for.

Be a Good Debtor

This last one is very obvious and yet still bears repeating for many people with bad credit. You will secure a favorable credit rating if and when you pay your creditors, your bills and your amortizations on time. Or better yet, even before the deadline set.

An exception will be in never completely paying off your revolving debts. After all, your credit report is a reflection of your ability to manage your debt and you cannot manage what is non-existent.

Indeed, it is possible to boost your credit score quickly. You just need to know the basics of the factors that affect it like bankruptcy, foreclosure, closing of old accounts, and mix of credit types and credit inquiries and you are good to go.

Harold

Mark J Garcia asked:




The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the bureaus is a publicly traded company. They make most of their revenue by selling information to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.

They DO NOT make money by researching your disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the bureaus ultimately serve?

Bureau Secret #1 Credit Bureau Reports – Your 92 Scores

Reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92 different scores…23 different scores for each Bureau: Trans Union, Experian, Equifax and don’t forget the little known “other” bureau named Innovis.

Remember your credit scores can vary drastically depending on who pulls the report and the particular profile applied to you. This Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The score you see if you request it from a major reporting bureau or an on-line service WILL be different – and probably much higher than the score you receive from a Mortgage Broker.

Why?

One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.

When the bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it. Why do the Bureaus provide different – and LOWER – scores to lenders?

Because they’ve decided that by reporting lower – more conservative scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.

Do you think the major reporting bureaus care about showing lenders your true credit worthiness? I am here to tell you that they don’t! Matter of fact, if you would like to find out more information about how the bureaus are royally screwing over the American Consumer, I have created a newsletter that details shocking news about the 3 Major Bureaus

Bureau Secret #2 Credit Bureau Reports – Your Scores are NOT Accurate

Did you know that your score is probably inaccurate? According to a recent Public Interest Group Research study, more than 70% of Reports contain errors. Oh sure, the Bureaus say to the public that only 20% of reports contain errors, but that’s a bunch of Bureau bologna, because when they are in court under oath they admit that more than 50% of reports contain errors.

What kind of errors are probably on your report – and making you pay more for your home, auto loan, insurance, credit cards and student loans? The study found that 29% of reports contain serious errors that don’t belong including; false delinquencies that can kill your score.

41% of reports contain personal demographic information that was incorrect, outdated, or misspelled. 20% of credit reports – 1 in 5!!!! were missing major loan mortgage or other information to demonstrate the worthiness of the consumer. 26% of reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your scores.
Bureau Secret #3 What Is Your Real, Accurate, and True FICO Score?

Did you know that over 90% of the financial institutions in the world will use scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO.

The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their main website. Now, I recommend going to a certain section of their website where you will get a true picture of why your scores are behaving the way they are

This website will not only give you the most current status of your reports, but it will also show you your FICO Scores from all 3 bureaus.

This is the only place you should ever get your scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.

I find it interesting that the major bureaus also have their own version of scores that they try to sell to you and I. However none of the people you are trying to get to extend you a loan will even look at those scores! It is just another example of the greedy bureaus trying to squeeze more and more money from us.

Let’s Wrap This Up…

So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.

Your Credit Score Insider, Mark J. Garcia

Amber

Gary Gresham asked:




If you are looking for ways to repair bad credit you are like thousands of people in America that want a solution to bad credit problems. The good news is you can repair bad credit yourself and raise fico scores back to a respectable level.

There are ways to repair bad credit, but bad credit history repair can take some time. With that in mind, here are some solutions that can work for you.

Get a Copy of Your Credit Report

The first thing you need to do is get a copy of your credit report and score from the three major credit bureaus Equifax, Experian and TransUnion. You need to know what is on your report because to get out debt you have to fully understand what your situation is.

Believe it or not, 40% of all credit reports have errors and this is the quickest way to repair bad credit history. If you find any errors notify the three major credit bureaus with the mistakes.

But you have to be able to prove any mistakes by copies of paid statements. Once the mistakes are cleared ask the credit bureaus to send you a corrected report. This will start the process to repair bad credit history for you and begin to raise fico scores.

Stop Charging

You have to immediately stop charging anything on your credit cards. You have to be realistic and if you want to repair bad credit history you can’t get deeper in debt. Don’t close any of your accounts because closing your accounts will lower your fico score even more.

Negotiate With Creditors

Talk to your creditors and tell them your plan to pay them what you owe. Most creditors will work with you to give a reduced payment schedule.

Creditors would much rather negotiate with you than lose everything if you fail to pay. Just be sure to stick to your negotiated plan so you can get back on track to repair bad credit history and raise fico scores.

You will correct your credit over time and bad items will continually drop off your credit report. The best way to repair bad credit is have a plan, take action and stick to it.

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